Dubai gold price drops, better times ahead?

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Dubai gold price drops, better times ahead?

Dubai - Dubai prices saw a slight decrease today after it touched Dh150 on Friday.

By PTI

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Published: Sat 18 Feb 2017, 8:23 AM

Last updated: Sat 18 Feb 2017, 1:40 PM

Rising for the second day in a row, gold prices climbed by another Rs150 to Rs29,850 (Dh1,634.63) per 10 grams on Friday, tracking a firm trend overseas and increased buying by local jewellers.

Silver also advanced by Rs200 to Rs43,400 per kg backed by increased offtake by industrial units and coin-makers.
Friday's rate: Dubai gold touches Dh150, will it rise further?

Marketmen said that besides a firming trend overseas, pick up in buying by local jewellers to meet the wedding season demand at the domestic spot market kept the precious metals' prices higher.
In Dubai, the price of 24K gold slightly dropped to Dh149.75 to Dh150.
The following are the price of gold in Dubai today:
22K: Dh140.50
21K: Dh134.00 
18K: Dh115.00
Globally, gold rose 0.44 per cent to USD 1,238.60 an ounce and silver 0.61 per cent to USD 18.06 an ounce in New York on Thursday.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose further by Rs150 each to Rs 29,850 and Rs 29,700 per 10 grams, respectively. The precious metal had gained Rs 75 on Thursday.
Sovereign, however, remained unaltered at Rs 24,500 per piece of eight grams in limited deals.
Following gold, silver ready advanced by Rs 200 to Rs 43,400 per kg, while weekly-based delivery by Rs 160 to Rs 42,860 per kg.
Silver coins, too, spurted by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.


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